Tesla Motors Repays $465M Government Loan 9 Years Early

Tesla Motors announced today it has completely repaid the $465 million loan from the U.S. Department of Energy the company received in 2010. The funds were generated by Tesla through a recent sale of their stock, worth close to a billion dollars. The stock price had risen sharply after the company reported its first profitable quarter (and the stock still sits roughly 50% higher than before their earnings release). Today's payment of $451.8 million finished off both the loan's principal and its interest, nine years before the final payment was due. Tesla CEO Elon Musk said, 'I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate. I hope we did you proud.'

Comments

That's Slashdot...

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Mr. Musk builds toys for the rich and Slashdot repeatedly gives him mostly praise.

Walmart brings the necessities of life to countless working families at prices they can afford and is frequently lambasted for their trouble.

I'm sure I had more to add to this, but I don't want to miss the latest episode of "Ow my balls!".